Stamps allow us to send letters, packages, and documents to anyone, anywhere in the world. However, the price of stamps is not constant and can change over time. Therefore, one popular option for many mailers is the Forever Stamp.
What’s different about Forever Stamps? That is, even if the price of postage goes up, the value of the Forever Stamp stays the same. This makes it a convenient and inexpensive choice for many people. However, many people ask, “When do forever stamps go up in price? “
This article will explore the history of Forever Stamps, how USPS sets postal prices, and the current price of Forever Stamps. By the end of this article, you will understand when Forever Stamps go up in price and how to plan for future price changes.
When Do Forever Stamps Go Up in Price?
The USPS requests Postal Regulatory Commission (PRC) clearance before raising postal prices. The PRC reviews the USPS’s proposal for price changes and determines whether they are reasonable and fair to customers. The USPS usually announces the revised rates and effective date in January after approval.
Forever Stamps will increase in price again, and the USPS filed notice with the PRC of mailing services price changes to take effect July 9, 2023. The new rates include a three-cent increase in the price of a First-Class Mail Forever stamp from 63 to 66 cents.
Customers don’t need to worry about this. Because the USPS will announce and adjust the Forever Stamp price according to its usual procedure.
More About Forever Stamps
The USPS introduced Forever Stamps in 2007 as a practical choice for those who regularly use stamps. The idea behind the Forever Stamp is that it keeps its value even if the postage price goes up. Customers can buy them at the current price and use them anytime without considering the cost of future price hikes.
The first Forever Stamp
The first Forever Stamp was issued in April 2007 and featured an image of the Liberty Bell. It was sold for 41 cents, the price of a First-Class Mail stamp.
The benefits of Forever Stamps
The “Forever Stamp” concept was to simplify purchasing and using stamps. Before Forever Stamps, users had to buy stamps at the current price and use them before the price increased or buy more stamps to make up the difference. This often resulted in customers having a surplus of outdated stamps they couldn’t use.
Since the Forever Stamps were introduced, postage prices have increased, but the value of the stamp has not. In May 2008, a First-Class Mail stamp cost 42 cents, although individuals who bought Forever Stamps at 41 cents could still use them.
Then, you can read more to learn how the USPS sets postal prices.
How does the USPS Set Postal Prices?
The USPS is responsible for setting postal prices for mail delivery within the United States. The USPS is a government body that doesn’t need money from taxpayers to run. Instead, it gets its money from selling stamps and providing other services. Postal prices are set to cover delivery costs and maintain the USPS’s financial stability.
The PRC is the independent agency that oversees and approves USPS postal prices. The PRC ensures that USPS prices are fair enough to maintain high service standards.
USPS postal prices are based on a complex formula that considers various factors, including the cost of labor, fuel, transportation, inflation, and other economic factors. The USPS also considers the pricing strategies of its competitors and the demand for its services when setting prices.
The USPS uses different types of mail, such as first-class, regular, and priority mail, to set prices. Each category has different pricing structures based on weight, size, and delivery speed.
The USPS typically announces changes to postal prices in the fall of each year, with the new prices taking effect in January of the following year. The PRC must approve any proposed price changes before they can go into effect.
Current Price of Forever Stamps
The current price of Forever Stamps is 63 cents each as of January 22, 2023. The price of a Forever Stamp has gone up steadily over the years, reflecting changes in the cost of delivering mail and the overall economy.
The current price of 63 cents represents a 3-cent increase from the previous price of 60 cents, which was in effect from July 10, 2022, until January 21, 2023. This increase was part of the USPS’s regular price adjustment process based on the Consumer Price Index and other economic factors.
It’s important to note that the price of Forever Stamps only applies to First-Class Mail letters weighing up to 1 ounce. Prices for other types of mail, like packages, postcards, and international mail, rely on their size, weight, and where they are going. For more detailed information, check the USPS website or consult your local post office for the most up-to-date price.